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Many manufacturers and retailers considered refurbished products a lower priority. Recent research, however, shows real value in applying strategic planning to this business area. The refurbished market is rich in opportunity and can affect brand perception and secondary market growth opportunities.
When organizations think of refurbished consumer electronics, they may imagine laptops not operating at their optimum capacity or bearing significant visual damage. Reality is very different–and consumers are beginning to realize now. Many refurbished products are restored to full manufacturer conditions, boasting the ability to provide consumers with an affordable price quality product.
Consumers are purchasing renovated products and plan to buy them again. 75% of survey respondents say they're likely to buy refurbished electronics and 94% say they've bought refurbished electronics in the last three years. These statistics validate that refurbished products, despite traditional abuses are a viable option for modern consumers. Consequently, both product manufacturers and retailers have tremendous incentives to pay attention to refurbished products and many consumers shopping for these products. Focusing on just one product tier is a missed opportunity to expand the number of customers purchasing the secondary market.
Consumers are overwhelmingly happy with their purchase of refurbished goods According to a study, 84% of customers purchasing refurbished goods are happy with the features of the item and the cost paid for the value obtained. The performance of refurbished products remains to improve, and beneficial interactions with renovated products can act as a portal for customers to introduce extra brand products. As customers migrate up the financial ladder, these experiences can cause prospective "A" inventory acquisitions with the same brand.
The refurbished market is full of chances for product producers and distributors. Aligning with the best methods will guarantee the maximum ability to leverage this increasing consumer industry. The following approaches provide advice when developing a secondary market strategy for refurbished products.
Be online and make a better offer
The majority of consumers who buy refurbished do so online. Of consumers surveyed, 82% are more likely to purchase online than in-store. An eMarketer article noted that “While brick-and-mortar sales still command a vast majority of the retail market...e-commerce sales are increasing much faster.”1 Desktop e-commerce alone is expected to grow by 12% annually, according to ComScore
Consumer for refurbished products are looking for the following on their priority level
- Build trust through accurate details and warranties
- Share exact images with no touch-ups
- Congratulate your customers for choosing green alternatives
- Establish your brand so that consumers believe in your products
- Be close to your buyers
- Figure out your logistics
- Follow up after the purchase
- Share insights and newsletters with exclusive deals to them occasionally
A business that offers precise product information in listings, high-quality customer service, and reliable fulfillment activities will provide customers with an easy and pleasant experience, leading to better brand impressions.
We've been in company for over 10 years and created a comprehensive list of IT, device, equipment, medical and industrial sources.
We sell all types of surplus inventory to laboratory equipment and radiology, ultrasound and patient tracking systems from PCs, motherboards, monitors, servers, phones, networking, and test equipment.
We also purchase any quantity of used IT products, including desktop and laptop computers, LCD screens (working / non-working) and surplus inventory.
We aim to give you the finest electronic equipment — all while prioritizing reuse over recycling and maintaining as many ancient electronics as possible from landfills.
We accept Visa, MasterCard, AMEX credit cards and ship standard or worldwide via our preferred carriers.
For more details and information, visit www.excessbid.com